The Sun. — London, England, 1818-10-09 00:00:00

FOR THE SUN• THOUGHTS ON THE REsumPTios OF CASH-PAY MENTS 1W THE BANK. Ebyroa,—lt would seem impossible, ‘vitl a flourishing commerce, and a .general disposi tion to the melioration both of our finance and our Means of meeting the demands of our credi ktors, and supporting the great expellees of our estabihtment) that the public funds should almost daily decline, without some mote ahquate cause than has been hitherto generally assigned. have attributed this circumstance to the large inms exported for the use of our emigrant tra '‘ellers, and the deficiency thus formed certainly has weight ; others to the failtite of foreign mar kets, and the consequent srlignation of remit tanCes, it the superluccation of our commerce, which neither our indtistly or our machinery can idequately coitntervail.—But, in my humble opi titon, though theae, and probably other Causes, may co-operate to produce the effect in question, they would all, separately or combined, prove "Wholly inadequate to the effect, were it not for the prospect held out, and that too likely to he realized, of compelling the Bank to meet all the demands upon in the precious metal';. This ru mour, of course, compels that prudent and pro vident body to 'act with great circumspection in their discounts, and ttt limit them in such a man lier tis'tO enable then to stand prepared, at the tince 'appninteTi, to fulfil their engagements. — This consideration singly, would account for every Instance of depression that has recently taken place in the funds, anti must, necessarily, be pro ductive of still greater depression when the day of final settlement takes place ; the inconve 'silences of which will be but too strongly felt by every class of society, front the highest to the low- est, in the nation. It is allowed, that if engagements are entere Into, they must be performed with good faith ; but, surely, if such engagements are in direct op position to the general interests of the public, it would he madness in that public to insist on their performance. What, it may be asked, has become of all the gold that has been coined and i!,•sued ? Is there a 'tenth, or a twentieth part in actual circulation, or even does that proportion now exist in coin of any description ? Where are the millions of So vereigns issued at the Mint ? The answer is, in the melting•pot of the Jews and other traffickers in bullion ; the reason of which is obvious. The coin is issued at the rate of 31. 17s. 102 d, whilst, converted into bullion, it is marketably worth more than 4/. and will not that again in stantly occur, when further millions are issued to meet all the flank Notes in circulation ? At the end of three months, or even of a shorter period, you will not have a guinea more in your kingdom, and then you Must either again recur to Bank Paper, or remain without any circulating medium whatever. And if you di) again so recur, remember, it is likely to be for ever ; as no finan cial prophet can precisely k,scertain the period when the precious metals will he adequate to all the purposes of Government and of private circulation. The interest of your debt and the expenses of your establishment together, on the most reduced scale of Which they are susceptible, cannot an nually call fur less than 70 or 80 millions : now , suppose, which 1 believe is beyond the mark, all the coined and uncoined gold and silver in the tingdom amounted to 30 millious sterling, w ithout the aid of paper currency, how can the whole bul lion of the kingdom be considered as equal to one year's expenditure ? Yon may 1 eply—the want may be supplied by 'Exchequer Bills. But what are these but paper in a still more inconvenient form than Batik notes, and not susceptible of the same minute division as that commodious representatiYe of wealth ? Besides, it is still but paper, anti not payable in cash , on demand, any more than Bank=notes, but merely exchangeable of old bills for new ; it would be found, I ana well assured, • an alteration greatly for the worse, in every re spect, without affording the smallest probability of any rise in your public funds, or advancement of your commerce, or of the interest of any bo dies of men or of individuals throughout •she kingdom. If, indeed, on the non-payment, in caTh, at the Bank of their outstanding. notes, such notes depttciat e in comparison with the precious metals, so will necessarily your Exchequer Bills, which are no more than paper of another description ,and not standing on any surer basis than tire Bank 'notes actually in circulation. In short, I see every inconvenience and disad vantage from the compulsion of cash payments., and none in the continuance of Bank paper on its present footing ; and wer e that great and opulent body (THE BANK) but encouraged to enlarge their discounts to double their present amount, • instead of being compelled to restrain their? nearly altogether, by the prospects before them,—corn -7 meter, external and internal, would be sustained, and a certain degree of prosperity prevail through out every class of the community, hitherto un known in the most flourishing period of our an ' suds, and equal to the maintainance of Great Britain , perhaps for ages, in a condition proba bly to be envied and feared, but never to be eoualled, by arty other nation in the universe. tdR THE SUN. OF INIPRISONMENT FOR DEBT, AND THE ACT OF INSOLVENCY. LETTER 1V In the coarse of time and events we see not I only the wisdom of our ancestors in protecting personal liberty within the limits of Magna Cliarta, but the progressive invasion of it by the - disuse of real security ; the original writ, the at taehMent i and disttingas ; and the substitution of the capicis, which supposes them to have had their respective operation, and then the abuse of the Act of 13. Charles 11. which was attempted to be corrected by the Act of the 12 Geo. 1., and which, hough it required an affidavit of the Debt, and he•sum to be endorsed on the Writ before a De 'etidaut shall be held to bail, is frequently ern for the purpose of oppression and :oer, which raises an honest indignation in every good mini, and makes it lament the want of a law more for the advantage of Debtor and Creditor. oye As the law now is, it is unfriendly to both, by permitting kt defendant to be imprisoned on the de pante oath of a complainant ; and it exacts that bail ►chich nothing bnt his disobedience or the original mandate induced the Cotun►on Law Court anciently to require. This often in its effect is the ruin of the one, and the irreparable loss of the other. When the old law Was careful df personal li berty, arts, manufactures, and commerce were almost unknown among the people were vassals, agriculture and arms were their employ ment, and citil injuries were of course less in number and quantity than since time great influx of trade, and the consequent accumulation of wealth. As these have agg•andized the indus trious, they have euhrged credit, Which is not reduced to a system ; but left it as arbitrary as it is unlimited. Among men of business it borders on enthusiasm among bigots, and they as (Men give it without a reasonable expectation of its profitable effect, as the religious visionary cherishes his hope of eternal joy. The confi dence of the former and the superstition of the latter being nearly related, the one bath increas ed iti the expetatiou of earthly gain, the other of celestial happiness, though the path taken by both brings them to a sense of their error, and converts them into sceptics, as well in regard to the goods of this life, as of that which is to Certainly credit in a trading country is un avoidable. It is coeval with business in its whole sale, and commerce abroad, and cannot be cat tied on without. The evil lucks in its re tail, and the consumers of its articles. The sellers are the lute ; the buyers are the prey: Re move the cause anti the effect will cease. Let credit in the lower walks of business be less in definite, and fewer will tall a sacrifice to its temp tation, or if checked in its extent by limitation, let not the imprisonment of the person be the price and payment. The remedy is worse than the disease, and occasions more distress and beggary than peace and profit, until the Laws of Bank ruptcy and Insoltency rescue the entangled Debtor from that thraldom which the corruption of an arrest would otherwise provide (or him. To unbounded credit, thus understood, are ow ing all the losses of Creditors, and all the suffer ings of Debtors. In giving a spur to trade, it is forced beyond its strength, and ends in alternate misery and ruin ; while perhaps if credit were governed by prudential caution, and reposed only in persons whose characters, COUIIeNI O I I 3 and cir cumstances were respectable, it might he mu tually beneficial, and abate, it not lessen, the measure of loss in human interconrce, which to prevent in iota is utterly impossiule. To what else but a thoughtless confidence, and distant views of ex orbit nut profit, can arise the many sad instances of wretchedness to be tonml in all Our prisons, now swelled to the size of palaces, and yet after all do they ebb and flow with the for lorn Debtors, almost with the regularity of the titles. The La,vs of Bankruptcy and Insolvency were made to prevent increasing injuries, regarding as well the liberty of the Debtor as the advantage of tie Creditor, but as every man comes not with in the former, though he may the latter, no law will stop the progress of either, unless credit he confined to those who are excluded the benefit of the first, and the last are extended only to those whom accident or real misfortune may have di vested of the means to make good their aecoun!s. Credit among merchanis and traders, domestic and foreign, which is unavoidable, - forms no part of what had) been premised. Since the hitroduc don of money barter hath proportionally died away, and coin being the circulating medium, credit must of course be on the degree of its quantity and currency. it given only with a view to mu owl advantage it would encourage business, in which the unfortunate would find repose under the compassion of his brethren. Poverty arising from profligacy deserves the punishment it meets with by the siaferer ; but not indefinite imprisonment as a Debtor, and doubly severe is it to jumble hankropts and in solvents together without distinction. The worth less,sharper and the unfortunate Debtopr suffer in a jail one common lot, and oft are the wicked released when the innocent and helpless are con signed over to the frowns of their merciless Creditors. AN OLD BARRISTER, of the Inner Temple. NIAGARA FALLS.--We learn that a consider able part of Table Rock, well known to all the visitors of this grand natural phenomenon, by the fine view it afforded of the Falls on the Ca nadian side, broke off by its awn weight, during last Thursday night, and precipitated itself into the gulph below. The piece broken of we un derstand, is about 25 rods long, and from one to ,ix rods wide, comprising the principal pert of the Table or excavated rock. it may be consi dered providential, that the tall of this piece, which during the summer months has been a great part of the time covered with visitors, should Dare happened in the night, without any snpetill. cult-theta weight, or other kuowu cause, to occa sion its- 13 4 410 , Aug. 25. THEATRICAL REGISTER. Performed Last Night. • TnrATRE FtnYAL, Di Uft.`f-LANE.,-;-The iron Chest : Sir Ed ward Mortimer, Mr. itian ; Helen, Mrs. Knight. After The Midnight Hour. THEATRE ROYAL, CAVENT-GARDEN.—The Rivals: Sir An thony Absolute, Mr. NV. Farren ; Lydia Languish, Miss Brunton. After which, Harlequin Gulliver. *‘• For the LoNoos JOUHNALS, see the First Page. MAILC. Annivrn—l Dublin, I Waterford, I Flinders. D U E-1 Guernsey and Jersey, 1 Hamburgli, I Holland. PRICE 0 STOCKS Tlits DAY AT 3 . w F., 1. vr. o'crocv . . 3 per Cent. Cons ..... ..75:Ak?, Exch.. Bills, 2d... 21s. 19c. pr. 5 per Cent.N. Ann....10.5i1.i t)innium India Bonds... .. . ..90s. pr. Cons. fur Account...... 7ZIfl 3 per Cent. 17 5.. 1 . .73k •._ . HIGH WATER AT LONDON BRIDGE TO•MORRO'%'. Ilurnin., 52 minutes after 11. I Evenitig, 17 11111Ilites niter 12. . _ THE SUN. St LEM I,W IS DICERF. FALstIM AUDEAT ? LONDON, FRIDAY, OCTOBER 9, ISIS. HER MAJEsTY.--Tbe most satisfactory Bulletin respecting tier iNlA:rEsTy's health %vat this morn ing issued, dated from " KEW PALACE, OCT. 9. " The I`,/!YEEN has again rested well, and feels herself refreshed and comfortable this morning. (Signed) " F. 'NIII..MAN. " Ht'. HALTOM)." We received this morning the Paris Papers of Tuesday last; with the exception of the Gazette de France. The Moniteur contains nothing official respecting the conferences at Aix , la-Chapelle, but it gives the following paragraph under the Paris head : " According to intelligence from Aix-la-Cha pelle, the authenticity of which we believe we can guarantee, the dispositions of the Sove reigns towards France, and their sentiments respecting the King, allow us to augur that the result of that August Meeting will be as prompt and as favourable as any Frenchman can desire. The resolutions ‘tlticit have been adopted, and which will be a homage rendered to the vir tiles and the wisdom of the Prince who go verns us, secure to us, there is no longer any room to doubt, the tranquillity and welfare of France, and put the seal to the sincere and lasting recon- , ciliation of all nations." The Journal des Debals has the following ar ticle, dated Aix-la-Chapelle, Oct. 2 " The third Ministerial Conference has had the most important results. " Count Georges de Caraman has set out en Courier for Paris. " A series of fates is announced, which will be mutually given by the Sovereigns to celebrate this hippy epoch. They will remain here about three weeks or a month.' The same Journal, underthe Paris head, says, — Count Georges de Caraman arrived this morning (Oct. 5), en Cuurier. He has brought intelligence, that in the conference which tools place ;It Aix-la-Chapelle on the 2d instant, the immediate evacuation of the French territory was unanitnonsly agreed to." The following arc further extracts : " PAR's, OCT. 6.—The King took an airing yesterday to St. Cloud. " The Grand Duke Michael is expected here in a few days. " Colonel Daisy is nearly recoverea from his %VottlICIS. FIVE PER CENTS. Monday. 75 f. 50 c. DF.FERRED STOCK Of the 23d March, 1917, 97 f. 10c. /2(1 Sept. 1817, 85f. 10e. lid March, 1818, B3 f. 10e. 22(1 Sept. 1818, Bl f. —c. - -• " The Queen of Sweden, under the title of the Countess de Baker, is returned to Paris. According to a German Journal, the Doke of Wellington, as Generalissimo of the Allied Armies, receives at Aix-la-Chapelle the same ho nours as the Princes (not reigning) of the Royal Houses. lie has a Guard of Honour of 30 men at the door of his Hotel. " FRANKFORT, SEPT. 30.—•-lt is believed tl►at new assemblages of peasants have taken place in Norway. Late intelligence from thence, and pri vate letters from Hamburgh,make a positive state ment to this effect. " The interview between the Emperor of Rus sia and the King of Saxony, at Leipsic, lasted for several hours. " STRASBURG, OCT. I.—Preparations for de- I I pattuie are making by the Austrian and Wortem berg troops in Alsace. Their Generals wait for orders from the Dinke of Wellington, who will transmit to the Generals-Commandant of the re spective corps, the determination agreed to by the Allied Powers. There is still a report that the Austrian troops L will winter I<n Suabia) but it is on the other • tti t Land aiitrted, that ate* tilt return Hereditary States. e gad " FRANKFORT, SETT. SO.--The r Duchess of Cumberland set (Alt this mornllls Dessau and Strelitr. l ab " LEGHORN F , SET• 21.—General gait ids Lord High Commissioner of th e lonian lsiest sailed for Malta on board the frigate Glasg()%nt " intelligence arrived yesterday of a verYci°.po shock of an earthquake having been felt at l t o lermo. The circumstance w as telegrapheu Messina, from whence we learn it. to n to r " AIK-LAo•CHAPELLE, OCT. I.a--The of Austri a, the King of Prussia, a na l'rr3incr Charles of Prussia , visited yesterday the Catb e- i : the tomb of Charlemagne, and t he Grand Sal° of Conferences where the last Treaty of A l%Jil l Chapelle was signed. This Saloon is n °l use . for the present Conferences. 'file first CSebii once took place yesterday, at the Hotel °I. t Pt ince de Hardenberg. ; cn The superior police of the city anti . t . 3 virons is 'confided to a special bureau, oder the orders of the Prince de Sayn W itt geosteilt. " Sut!te of the Journals have spolien of 8 o f e eisant Charge d'A !flit es of the 11 151 " fil .11 0 lur e s Spanish America. We know of no person Assumes that titre, and if any one d oes if' b:roo infallibly be considered as an advent ure, G i oternment has recognized he i n sar g e nts °wer• Itis, therefore, impossible that t4ll from any patty of the Insurgents will be Bel‘nv !edged: hps „C O f° f "It is equally false, that any p er Son ft); 1 here as a Plenipotentiary of Chat le' 1 c rd Prince has nothing to demand, and los himself perfectly satisfied the afrauget'igu between him and his son. o n' ci Madame de Vitrolles has come bete count of sonic pretensions of hers to t be ality of Saint." it ° ft The removal of the KING'S BROTOSII (1.0111 command of the National Guards in Fl3l/ce' h t so extraordinary an event that it o°6l surprise throughout that kinod om, 01)(1 ,7 5 : 1 ; 1 1 feelings have naturally arisen in this he lettet from our Corresponden t in 113rist:'' T il we received this day, gives some exi)l ° , l c l7 64 the alleged cause ; but other leters, crts-:eoff ha'e also received, connect this unexPeete3 (1,/‘ which most of course be deeply moilifYil!telleY, branch of the Royal Family, the iflOcti°lol to the Throne of France, thus removetl',‘lll the, recent conspiracy, which vas so I° l/13' Ito t ° J . vered. We do not, however, deal it 9111 :01 9 F A present to do more than hint at the c ei) : e g o r our' other letters, because they implY ct°l- rse lte : insinuations that We shoold not conceive °ll prr Warranted in communicating to the vv elij fit even uparr better authority. tt r e In justice to The Times , we think it Pr°d observe, that the intelligen ce conv.Pee C Paper on Wedfiesday last, relative to di te 11 " ` of the Allied Sovereigns to the •irnmeels , fi cet ,f( val a o : f . r t o . f C r e spe c tiv e ouii t C:AA11:1.1111,1C: (artolll:3rreirS:rifill°l:ill.r;' the that important event to the Court o' levies, appears to be confirmed by the F fen c fei lic' Pc.'" this day. We wish for their °'" „ that the Public Journals in genei'al wards us %vitt) the same liberality tormly endeavour to make the rule ° f ° conduct. IoTAToP.s.—A t 11 ° 111.1n15;:ilibill"1.1 c....—....c7.-----orre,pooden With all extract of a Inter, reccived this ~,,01, 11 ( 1„ ) ( n ) i Devonshire, containing tile verY '',,, r l , i ti ;e i t ' 1 'a r l i l i y idi b i e ° i n ie t ti l t ia e( l l t t l l ' i e e Ipact)tea it:eisustill'aate'4sf("til:ool:l;:i ( may ) e. ua . y now be expected ;he s"ttes :I;tilitfbli crop thus reason potatoes are not so good t o l ii ,Vi °l. later growth, and as'signs oi %,ojoiltiel fur their inferiority, lb At ti).e„ijce4l!;ll•4 second l as ) 11 1 1 C I :: s hoa ts Ytl o l i n I C h a v e : 1 1l i t n r a t l Y 1 5 ) ( : 1 1 i t i e to cx hra::::1 e e rd ttill;ec:l‘; ri ' i ll o r ; ‘`°' and agreeably flavoured. Gu t Ilekoler.totiottilt pond l, 1.1 upon the, authenticity of this iof')ri or if e( i i' D„v t e 9"11 ( a l)tPi r li r ) T yc i b ‘ , at ::: 13 1; St p .1(31 a l l' t e a .. t ( 1 1f e) a rD g i :ALfili D uke en' 7) l\i t i i r°l: l ll i csl i hits lilleilliti:iatalc:lllt) lit t : i te r i e itg i so : lrl s ilit l e'll t , l) % ; • s'lc (l lll 3 l 14 ‘ : ' ' ; ill ' family, ''ii n BUONAPARTE, AWL Pr( roill ' ( 1 ' ; ti t : : 111 • 1 0 :e.it :1 11 1 'S2( 1 )rS t i IiIP:1:1-‘:)CelltIttoe'e{))::1‘1;vi aActalias;lllfia4l(:'llt.li‘l3\ii(tN'lerb.o:l;s'elrit:itti:lllll:-'se‘:)(3'lfte(2l:'lsl°}(lll:llPPti:iibeeCtleil:tC:lle):)l:ellit'l''P;ltie:fletisellileiebilits:sl: 1 p 2d of September.) ,si,tta A ( ci letter d ti. il.:f(eiryot rn,ittb, settled." i ff (ii i . t i l i, o n ,c::: es al,: 1 , 1 1 , ` , :: , , t 0 1 , 1 1 :: r ti ° , 1 : 1 00 !D 0 '1 : 1 ‘ 1 d tar Sandwich to take hi,: triill• l\ :I:l.o",iir'‘''s placef"l'e L j( r las t,) i r r ir t l l . track Sa t fill,'':(ol.l':f'RlLic lii‘3ll:(::iy'l:l%l;t(''ll)l'l.'til':''''tr;c'els‘t•).l:l:l.73:iir(tcl':ll::°!l'stic''iiflvit:lejilervir.t:l:ll'l::')lci.llll4ll''''lelit)ietiletrii:l''P:lriii:fitri:fillij'•4llfi''ll' to the "'bite River Indigna, Nvbel.' 1 11 ' ) i t j t o re f German II ""se, Briht(in, I" tinit irolV, sideuce. \Ve arc ha ‘l),,' t 0 ste t n OCII ',ij‘f HIY ' S health is likely 't i bev ri O W ' • t elli l l rine excve:se, and that Yee id l'‘ i „,•betttr _ A ~,, - 1 on 1 - 1 rill tit NV 01 r e Lb th sr it th it Ali iu 1~~ ~~ ~i~ , AMMINI